Search results for: portfolio diversification

Authors: Kexin Chen

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As an important method of transportation to solve the demand and supply contradiction generated in the rapid urbanization process, urban rail traffic system has been rapidly developed over the past ten years in China. During the rapid development, the space of urban rail Transit has encountered many problems, such as space simplification, sensory experience dullness, and poor regional identification, etc. This paper, focus on the study of the negative space of subway station and spatial softening, by comparing and learning from foreign cases. The article sorts out cases at home and abroad, make a comparative study of the cases, analysis more diversified setting of public art, and sets forth propositions on the domestic type of public art in the space of urban rail transit for reference, then shows the relationship of the spatial attribute in the space of urban rail transit and public art form. In this foundation, it aims to characterize more diverse setting ways for public art; then suggests the three public art forms corresponding properties, such as static presenting mode, dynamic image mode, and spatial softening mode; finds out the method of urban public art to optimize negative space.

Keywords: diversification, negative space, optimization strategy, public art planning

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Authors: Xinyi Xu

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This study conducts a detailed examination of Asian stock markets over the period from 2008 to 2023, with a focus on the dynamics of cointegration and their relevance for long-term investment strategies. Specifically, we assess the co-movement and potential for pairs trading—a strategy where investors take opposing positions on two stocks, indices, or financial instruments that historically move together. For example, we explore the relationship between the Nikkei 225 (N225), Japan’s benchmark stock index, and the Straits Times Index (STI) of Singapore, as well as the relationship between the Korea Composite Stock Price Index (KS11) and the STI. The methodology includes tests for normality, stationarity, cointegration, and the application of Vector Error Correction Modeling (VECM). Our findings reveal significant long-term relationships between these pairs, indicating opportunities for pairs trading strategies. Furthermore, the research underscores the challenges posed by model instability and the influence of major global incidents, which are identified as structural breaks. These findings pave the way for further exploration into the intricacies of financial market dynamics.

Keywords: normality tests, stationarity, cointegration, VECM, pairs trading

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Authors: T. Häfele, J. Kaspar, M. Vielhaber, W. Calles, J. Griebsch

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The demand for an increasing diversification of the product spectrum associated with the current huge customization desire and subsequently the decreasing unit quantities of each production lot is gaining more and more importance within a great variety of industrial branches, e.g. automotive industry. Nevertheless, traditional product development and production processes (molding, extrusion) are already reaching their limits or fail to address these trends of a flexible and digitized production in view of a product variability up to lot size one. Thus, upcoming innovative production concepts like the additive manufacturing technology basically create new opportunities with regard to extensive potentials in product development (constructive optimization) and manufacturing (economic individualization), but mostly suffer from insufficient strength regarding structural components. Therefore, this contribution presents an innovative technological and procedural conception of a hybrid additive manufacturing process (fiber-reinforced sandwich structures based on selective laser sintering technology) to overcome these current structural weaknesses, and consequently support the design of complex lightweight components.

Keywords: additive manufacturing, fiber-reinforced plastics (FRP), hybrid design, lightweight design

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Authors: Donatus Otuiheoma Ohajianya, Augusta Onyekachi Unamba

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This study analyzed risk among poultry farm enterprises in Imo State of Nigeria. Specifically, it examined sources of risks, the major risks associated with poultry farm enterprise, and the risk-reducing strategies among the poultry farm enterprises in the study area. Primary data collected in 2015 with validated questionnaire from 120 proportionately and randomly selected poultry farm enterprises were used for the study. The data were analyzed with descriptive statistics and W-Statistic that was validated with Pearson Criterion (X2). The results showed that major risk sources affecting poultry farm enterprises were production, marketing, financial and political in that order. The results found a W-Statistic value of 0.789, which was verified by Pearson Criterion to obtain X2-Calculated value of 4.65 which is lower that X2-Critical value of 11.07 at 5% significant level. The risk-reducing strategies were found to be diversification, savings, co-operative marketing, borrowing, and insurance. It was recommended that government and donor agencies should make policies aimed at encouraging poultry farm enterprises adopt the highlighted risk-reducing strategies in risk management to improve their productivity and farm income.

Keywords: risk, measurement, management, poultry farm, Imo State

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Authors: Obaid Alotaibi

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Tourism and recreation have become one of the important and influential sectors in most of the modern economies. This sector has been accepted as one of the alternative sources of national income, employment, and foreign exchange. Kuwait has many potentialities in tourism and recreation, and exploitation of this leads to more diversification of the economy besides augmenting its contribution to the GDP. It is an import-oriented economy; it requires hard currencies (foreign exchange) to meet the import costs as well as to maintain stability in the international market. To compensate for the revenue fall stemmed from fluctuations in oil prices -where the agriculture, fisheries, and industrial sectors are too immune and inelastic- the only alternative solution is the regeneration of the tourism and recreation to surface. This study envisages the characteristics of tourism and recreation, the economic and social importance for the society, the physical and human endowments, as well as the tourist pattern and plans for promoting and sustaining tourism in the country. The study summarizes many recommendations, including the necessity of establishing authority or a council for tourism, linking the planning of tourism development with the comprehensive planning for economic and social development in Kuwait in the shadow of 2035 vision, and to encourage the investors to develop new tourist and recreation projects.

Keywords: Kuwait, public-private, partnership, tourism, 2035 vision

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Authors: B. S. Choudri

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Introduction: Climate change is a major threat to rural livelihoods and to food security in the developing world, including Oman. The aim of this study is to provide a basis for policymakers and researchers in order to understand the impacts of climate change on agriculture and developing adaptation strategies in Oman. Methodology: The data was collected from different agricultural areas across the country with the help of a questionnaire survey among farmers, discussion with community, and observations at the field level. Results: The analysis of data collected from different areas within the country shows a shift in the sowing period of major crops and increased temperatures over recent years. Farmer community is adopting through diversification of crops, use of heat-tolerant species, and improved measures of soil and water conservation. Agriculture has been the main livelihood for most of the farmer communities in rural areas in the country. Conclusions: In order to reduce the effects of climate change at the local and farmer communities, risk reduction would be important along with an in-depth analysis of the vulnerability. Therefore, capacity building of local farmers and providing them with scientific knowledge, mainstreaming adaptation into development activities would be essential with additional funding and subsidies.

Keywords: agriculture, climate change, vulnerability, adaptation

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Authors: Mehdi Rostamzadeh

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Genetic Algorithms (GAs) are an adaptive heuristic search algorithm premised on the evolutionary ideas of natural selection and genetic. In this study, we apply GAs for fundamental and technical models of exchange rate determination in exchange rate market. In this framework, we estimated absolute and relative purchasing power parity, Mundell-Fleming, sticky and flexible prices (monetary models), equilibrium exchange rate and portfolio balance model as fundamental models and Auto Regressive (AR), Moving Average (MA), Auto-Regressive with Moving Average (ARMA) and Mean Reversion (MR) as technical models for Iranian Rial against European Union’s Euro using monthly data from January 1992 to December 2014. Then, we put these models into the genetic algorithm system for measuring their optimal weight for each model. These optimal weights have been measured according to four criteria i.e. R-Squared (R2), mean square error (MSE), mean absolute percentage error (MAPE) and root mean square error (RMSE).Based on obtained Results, it seems that for explaining of Iranian Rial against EU Euro exchange rate behavior, fundamental models are better than technical models.

Keywords: exchange rate, genetic algorithm, fundamental models, technical models

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Authors: Silas A. Ihedioha

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In this work; it is considered that an investor’s portfolio is comprised of two assets; a risky stock which price process is driven by the geometric Brownian motion and a risk-free asset with Ornstein-Uhlenbeck Stochastic interest rate of return, where consumption, taxes, transaction costs and dividends are involved. This paper aimed at the optimization of the investor’s expected utility of consumption and terminal return on his investment at the terminal time having power utility preference. Using dynamic optimization procedure of maximum principle, a second order nonlinear partial differential equation (PDE) (the Hamilton-Jacobi-Bellman equation HJB) was obtained from which an ordinary differential equation (ODE) obtained via elimination of variables. The solution to the ODE gave the closed form solution of the investor’s problem. It was found the optimal investment in the risky asset is horizon dependent and a ratio of the total amount available for investment and the relative risk aversion coefficient.

Keywords: optimal, investment, Ornstein-Uhlenbeck, utility maximization, stochastic interest rate, maximum principle

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Authors: Stanley Fore

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The case study company is one of the leading newsprint companies in South Africa. The company has achieved this status through operational expansion, diversification and investing in cutting-edge technology. They have a reputation for the highest quality and personalised service that transcends borders and industries. The company offers a wide variety of small and large scales printing services. The company is faced with the challenge of significant waste production during normal operations. The company generates 1200 kg of plastic waste and 60 – 70 tonnes of paper waste per month. The company operates a waste management process currently, whereby waste paper is sold, at low cost, to recycling firms for further processing. Having considered the quantity of waste being generated, the company has embarked on a venture to find a more profitable solution to its current waste production. As waste management and recycling is not the company’s core business, the aim of the venture is to implement a secondary profitable waste process business. The venture will be expedited as a strategic project. This research aims to estimate the financial feasibility of a selected solution as well as the impact of non-financial considerations thereof. The financial feasibility is analysed using metrics such as Payback period; internal rate of return and net present value.

Keywords: waste, printing industry, up-cycling, management

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Authors: Abdullah Abu-Tineh, Hissa Sadiq, Fatma Al-Mutawah, Youmen Chaaban

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The past 20 years have seen a proliferation of empirical research into various licensure systems. Extensive quantitative work investigates these systems of appraisal from different countries, but there is far less research on the implementation of the Qatari licensure system and the adoption of professional standards. In this paper, we provided a quantitatively and qualitatively descriptive look at the process that moves educators from their point of entry into the profession through their certification as accomplished professionals. Specifically, we focused on the perceptions of teachers and school leaders on the licensure system currently adopted by Ministry of Education and Higher Education in Qatar. The paper aims to inform progress towards a system of reliable, valid, and nationally appropriate teacher and school leader evaluation procedures. Such a system can support decision-making based on a common, comprehensive set of standards that ensures the placement of only the most effective educators in Qatari schools. This paper was made possible by NPRP grant # (NPRP7-1224-5-178) from the Qatar national research fund (a member of Qatar foundation) to Abdullah M. Abu-Tineh. The statements made herein are solely the responsibility of the author.

Keywords: licensure system, professional standards, professional portfolio, educator voice

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Authors: Ihtasham Hamza

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In the contemporary world, where the West is afflicted by the diseases of excess nutrition, much of the rest globe suffers at the hands of hunger. A troubling constituent of hunger is micronutrient deficiency, also called hidden hunger. Major dependence on calorie-rich diets and low diet diversification are responsible for high malnutrition rates, especially in African and Asian countries. But the dilemma isn’t immune to solutions. Highlighting the substantial cause to be sole dependence on staples for food, biofortification has emerged as a novel tool to confront the widely distributed jeopardize of hidden hunger. Biofortification potentials the better nutritional approachability to commonalities overcoming various difficulties and reaching the doorstep. The crops associated with biofortification offer a rural-based involvement that, proposal, primarily reaches these more remote populations, which comprise a majority of the malnourished in many countries, and then penetrates to urban populations as assembly overages are marketed. Initial investments in agricultural research at a central location can generate high recurrent benefits at low cost as adapted biofortified cultivars become widely available in countries across time at low recurrent costs as opposed to supplementation which is comparatively expensive and requires continued financing over time, which may be imperilled by fluctuating political curiosity.

Keywords: biofortified crops, hunger, malnutrition, agricultural practices

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Authors: A. Rana, M. Badri, D. Lopez Behar, O. Yee, H. Al Bqaei

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The building sector is one of the largest emitters of greenhouse gases. However, as operation energy demands of this sector decrease with more effective energy policies and strategies, there is an urgent need to parallel focus on the growing proportion of embodied carbons. In this regard, benchmarks on embodied carbon of buildings can provide a point of reference to compare and improve the environmental performance of buildings for the stakeholders. Therefore, embodied carbon benchmarks can serve as a useful tool to address climate change challenges. This research utilizes the method to provide a knowledge roadmap of embodied carbon benchmarks development and implementation trends. Two main databases, Web of Science and Engineering Village, are considered for the study. The mapping was conducted with the help of VosViewer tool to provide information regarding: the critical research areas; most cited authors and publications; and countries with the highest publications. It is revealed that the role of benchmarks in energy policies is an emerging trend. In addition, the research highlighted that in policies, embodied carbon benchmarks are gaining importance at the material, whole building, and building portfolio levels. This research reveals direction for improvement and future research and of relevance to building industry professionals, policymakers, and researchers.

Keywords: buildings embodied carbon benchmark, methods, policy

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Authors: Majid Lotfi Ghahroud, Seyed Jalal Tabatabaei, Ebrahim Karami, AmirArsalan Ghergherechi, Amir Ali Saeidi

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In this study, the relationship between investment growth and stock returns of companies listed in Tehran Stock Exchange and whether their relationship -behavioral or risk factors- are discussed. Generally, there are two perspectives; risk-based approach and behavioral approach. According to the risk-based approach due to increase investment, systemic risk and consequently the stock returns are reduced. But due to the second approach, an excessive optimism or pessimism leads to assuming stock price with high investment growth in the past, higher than its intrinsic value and the price of stocks with lower investment growth, less than its intrinsic value. The investigation period is eight years from 2007 to 2014. The sample consisted of all companies listed on the Tehran Stock Exchange. The method is a portfolio test, and the analysis is based on the t-student test (t-test). The results indicate that there is a negative relationship between investment growth and stock returns of companies and this negative correlation is stronger for firms with higher cash flow. Also, the negative relationship between asset growth and stock returns is due to behavioral factors.

Keywords: behavioral theory, investment growth, risk-based theory, stock returns

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Authors: Boumesbah Asma, Chergui Mohamed El-amine

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Since it has been shown that the multi-objective minimum spanning tree problem (MOST) is NP-hard even with two criteria, we propose in this study a hybrid NSGA-II algorithm with an exact mutation operator, which is only used with low probability, to find an approximation to the Pareto front of the problem. In a connected graph G, a spanning tree T of G being a connected and cycle-free graph, if k edges of G\T are added to T, we obtain a partial graph H of G inducing a reduced size multi-objective spanning tree problem compared to the initial one. With a weak probability for the mutation operator, an exact method for solving the reduced MOST problem considering the graph H is then used to give birth to several mutated solutions from a spanning tree T. Then, the selection operator of NSGA-II is activated to obtain the Pareto front approximation. Finally, an adaptation of the VNS metaheuristic is called for further improvements on this front. It allows finding good individuals to counterbalance the diversification and the intensification during the optimization search process. Experimental comparison studies with an exact method show promising results and indicate that the proposed algorithm is efficient.

Keywords: minimum spanning tree, multiple objective linear optimization, combinatorial optimization, non-sorting genetic algorithm, variable neighborhood search

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Authors: Yongsheng Guo, Mengyu Lu

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This study investigates how Chinese SMEs manage financial risks in financing from customers from the perspectives of ethics and national culture. A grounded theory approach is adopted to identify the causal conditions, actions/interactions, and consequences. 32 interviews were conducted, and systematic coding methods were used to identify themes and categories. This study found that Chinese ethical principles, including integrity, friendship, and reciprocity, and cultural traits, including collectivism, acquaintance society, and long-term orientation, provide conditions for financing from customers. The SMEs establish trust-based relationships with customers through personal communications and social networks and reduce financial risk through diversification, frequent operations, and enterprise reputations. Both customers and SMEs can get benefits like financial resources and customer experiences. This study creates a theoretical framework that connects the causal conditions, processes, and outcomes, providing a deeper understanding of financing from customers. A resource and process capability theory of SMEs and a customer capital and customer value model are proposed to connect accounting and finance concepts. Suggestions are proposed for the authorities as more guidance and regulations are needed for this informal finance.

Keywords: CRM, culture, ethics, SME, risk management

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: equivalent martingale measure, European put option, girsanov theorem, martingales, monte carlo method, option price valuation formula

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Authors: Gertrude Nkechi Okenwa

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Higher institutions, especially the universities that are saddled with the responsibilities of teaching, learning, research, publications and social services for the production of graduates that are worthy in learning and character, and the creation of up-to-date knowledge and innovations for the total socio-economic and even political development of a given nation. Therefore, the purpose of the study was to identify the teaching, learning techniques used in the Enugu State University of Science and Technology to ensure or ascertain students’ perception on these techniques. To guide the study, survey research method was used. The population for the study was made up of second and final year students which summed up to one hundred and twenty-six students in the faculty of education. Stratified random sampling technique was adopted. A sample size of sixty (60) students was drawn for the study. The instrument used for data collection was questionnaire. To analyze the data, mean and standard deviation were used to answers the research questions. The findings revealed that direct instruction and construction techniques are used in the university. On the whole, it was observed that the students perceived constructivist techniques to be more useful and effective than direct instruction technique. Based on the findings recommendations were made to include diversification of teaching techniques among others.

Keywords: Strategies, Teaching and Learning, Constructive Technique, Direct Instructional Technique

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Authors: Nini Johana Marin Rodriguez

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This paper applies DCC, EWMA and OGARCH models to compare the dynamic correlations between exchange rates, oil prices, exchange rates and stock markets to examine the time-varying conditional correlations to the daily oil prices and index returns in relation to the US dollar/local currency for developed (Canada and Mexico) and emerging Latin American markets (Brazil, Chile, Colombia and Peru). Changes in correlation interactions are indicative of structural changes in market linkages with implications to contagion and interdependence. For each pair of stock price-exchange rate and oil price-US dollar/local currency, empirical evidence confirms of a strengthening negative correlation in the last decade. Methodologies suggest only two events have significatively impact in the countries analyzed: global financial crisis and Europe crisis, both events are associated with shifts of correlations to stronger negative level for most of the pairs analyzed. While, the first event has a shifting effect on mainly emerging members, the latter affects developed members. The identification of these relationships provides benefits in risk diversification and inflation targeting.

Keywords: crude oil, dynamic conditional correlation, exchange rates, interdependence, stock prices

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Authors: A. Pontrandolfi, G. Enjolras, F. Capitanio

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The study analyses the strategies Italian farmers use to cope with the risks that face their production. We specifically explore the potential and the limitations of the economic tools for climatic risk management in agriculture of the Common Agricultural Policy 2014-2020, that foresees contributions for economic tools for risk management, in relation to farms’ needs, exposure and vulnerability of agricultural areas to climatic risk. We consider at the farm level approaches to hedge risks in terms of the use of technical tools (agricultural practices, pesticides, fertilizers, irrigation) and economic/financial instruments (insurances, etc.). We develop cross-sectional and longitudinal analyses as well as analyses of correlation that underline the main differences between the way farms adapt their structure and management towards risk. The results show a preference for technical tools, despite the presence of important public aids on economic tools such as insurances. Therefore, there is a strong need for a more effective and integrated risk management policy scheme. Synergies between economic tools and risk reduction actions of a more technical, structural and management nature (production diversification, irrigation infrastructures, technological and management innovations and formation-information-consultancy, etc.) are emphasized.

Keywords: agriculture and climate change, climatic risk management, insurance schemes, farmers' approaches to risk management

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Authors: René Vieroth, Christian Dils, M. V. Krshiwoblozki, Christine Kallmayer, Martin Schneider-Ramelow, Klaus-Dieter Lang

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Green urban mobility in commercial and private contexts is one of the great challenges for the continuously growing cities all over the world. Bicycle based solutions are already and since a long time the key to success. Modern developments like e-bikes and high-end cargo-bikes complement the portfolio. Weight, aerodynamic drag, and security for the transported goods are the key factors for working solutions. Recent achievements in the field of smart-textiles allowed the creation of a totally new generation of intelligent textile cargo containers, which fulfill those demands. The fusion of technical textiles, design and electrical engineering made it possible to create an ecological solution which is very near to become a product. This paper shows all the details of this solution that includes an especially developed sensor textile for cut detection, a protective textile layer for intrusion prevention, an universal-charging-unit for energy harvesting from diverse sources and a low-energy alarm system with GSM/GPRS connection, GPS location and RFID interface.

Keywords: cargo-bike, cut-detection, e-bike, energy-harvesting, green urban mobility, logistics, smart-textiles, textile-integrity sensor

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Authors: Shamsuddeen Muhammad Ahmad

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The emergence and operations of Islamic Financial Institutions (IFIs) are being regarded as the new economic and financial pride at the global stage today. Admittedly, therefore, the IFIs has continued to impact positively on the economies of its host countries, especially the Gulf Cooperation Council (GCC) region, Asian and Western countries as well as making a steady in-road into the sub-Saharan Africa. Hence, the number of countries that adopted Islamic financial system in Africa has continued to increase. As a matter of fact, this paper examines the role and contributions of Islamic Financial Institutions (IFIs) to the economic growth and financial development of the big emerging markets in the African continent i.e. South Africa, Nigeria, and Egypt. The methods adopted for this study are descriptive, comparative and analytical in nature. Essentially, the findings from this study reveal that the three sampled countries are benefitting from the presence of IFIs in their economies in terms of contributions to economic growth and real sector participation, particularly for Egypt and South Africa. Similarly, they reap from foreign direct investments and economic diversification among others. However, this study recommends that African countries should integrate IFIs as part and parcel of their economic and financial systems, in order to benefit optimally from this new economic phenomenon.

Keywords: Islamic financial services, Africa, emerging markets, development, operation

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Authors: Yu-Chen Wei, Dan-Leng Wang

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This study examines whether the reputation from media press affect the financial performance and market abnormal returns around the announcement of corporate social responsibility (CSR) award in the Taiwan Stock Market. The differences between this study and prior literatures are that the media reputation of media coverage and net optimism are constructed by using content analyses. The empirical results show the corporation which won CSR awards could promote financial performance next year. The media coverage and net optimism related to CSR winner are higher than the non-CSR companies prior and after the CSR award is announced, and the differences are significant, but the difference would decrease when the day was closing to announcement. We propose that non-CSR companies may try to manipulate media press to increase the coverage and positive image received by investors compared to the CSR winners. The cumulative real returns and abnormal returns of CSR winners did not significantly higher than the non-CSR samples however the leading returns of CSR winners would higher after the award announcement two months. The comparisons of performances between CSR and non-CSR companies could be the consideration of portfolio management for mutual funds and investors.

Keywords: corporate social responsibility, financial performance, abnormal returns, media, reputation management

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Authors: Shi Zhang

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This paper aims to introduce the allopatry of national college entrance examination which allow migrant students enter senior high schools and take college entrance exam where they live, identifies the reasons affect the implementation of this policy in the Chinese context. Most of China’s provinces and municipalities recently have announced new policies regarding national college entrance exams for non-local students. The paper conducts SWOT analysis reveals the opportunities, strength, weakness and challenges of the scheme, so as to discuss the implementation strategies from the perspectives of idea and institution. The research findings imply that the government should take a more positive attitude toward relaxing the allopatry of NCEE policy restrictions, and promote the reform household registration policy and NCEE policy with synchronous operations. Higher education institutions should explore the diversification of enrollment model; the government should issue the authority of universities and colleges to select elite migrant students beyond the restrictions of NCEE. To suit reform policies to local conditions, the big cities such as Beijing, Shanghai and Guangzhou should publish related compensate measures for children of migrant workers access to higher vocational colleges with tuition fee waivered. 

Keywords: college entrance examination, higher education, education policy, education equality

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Authors: Erindi Allaj

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This paper studies arbitrage pricing theory in financial markets with transaction costs. We extend the existing theory to include the more realistic possibility that the price at which the investors trade is dependent on the traded volume. The investors in the market always buy at the ask and sell at the bid price. Transaction costs are composed of two terms, one is able to capture the implicit transaction costs and the other the price impact. Moreover, a new definition of a self-financing portfolio is obtained. The self-financing condition suggests that continuous trading is possible, but is restricted to predictable trading strategies which have left and right limit and finite quadratic variation. That is, predictable trading strategies of infinite variation and of finite quadratic variation are allowed in our setting. Within this framework, the existence of an equivalent probability measure is equivalent to the absence of arbitrage opportunities, so that the first fundamental theorem of asset pricing (FFTAP) holds. It is also proved that, when this probability measure is unique, any contingent claim in the market is hedgeable in an L2-sense. The price of any contingent claim is equal to the risk-neutral price. To better understand how to apply the theory proposed we provide an example with linear transaction costs.

Keywords: arbitrage pricing theory,
transaction costs, fundamental theorems of arbitrage, financial markets

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Authors: Justyna Rybicka, Ashutosh Tiwari, Shane Enticott

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In the age of automation and computation aiding manufacturing, it is clear that manufacturing systems have become more complex than ever before. Although technological advances provide the capability to gain more value with fewer resources, sometimes utilisation of the manufacturing capabilities available to organisations is difficult to achieve. Flexible manufacturing systems (FMS) provide a unique capability to manufacturing organisations where there is a need for product range diversification by providing line efficiency through production flexibility. This is very valuable in trend driven production set-ups or niche volume production requirements. Although FMS provides flexible and efficient facilities, its optimal set-up is key in achieving production performance. As many variables are interlinked due to the flexibility provided by the FMS, analytical calculations are not always sufficient to predict the FMS’ performance. Simulation modelling is capable of capturing the complexity and constraints associated with FMS. This paper demonstrates how discrete event simulation (DES) can address complexity in an FMS to optimise the production line performance. A case study of an automotive FMS is presented. The DES model demonstrates different configuration options depending on prioritising objectives: utilisation and throughput. Additionally, this paper provides insight into understanding the impact of system set-up constraints on the FMS performance and demonstrates the exploration into the optimal production set-up.

Keywords: discrete event simulation, flexible manufacturing system, capacity performance, automotive

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Authors: Olivia Martina Dalla Torre

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The aim of this paper is to describe and analyse some urban writings that emerge in politically disputed areas, namely the Occupied Palestinian Territories, and more specifically in Deheishe refugee camp. These graffiti are visible on the walls of houses, all around the camp, and they convey messages of protest but also of hope or claim about the complex political situation in the occupied territories. These graffiti can be then interpreted as political and politicized semiotic resources. In this paper, after having introduced the political situation of the Palestinian Territories in a historical perspective, we will question a specific dimension of these writings, i.e., their multilingual and ideological aspect. To do this, we will focus on ethnographic fieldwork on Deheishe refugee camp and we will draw on the theoretical framework of the critical communication studies which assert that language practices are not neutral and that they need to be understood through the lens of the historical context of production, crossing space and time. By analysing the relationship between the discursive constructions of the messages and the languages used, we will point out some of the possible reasons and functions of the presence of these multilingual discursive productions. We will show that if, on the one hand, these graffiti confirm the huge presence of Western actors in the region, on the other hand, they attest the presence of an international movement against the Israeli occupation and against other struggles as well. Concluding, we will argue that multilingualism certainly represents a diversification of the linguistic landscape and that it gives a transnational and political dimension to the graffiti.

Keywords: communication, graffiti, multilingualism, Palestine, transnationalism

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Authors: Bakr Zade, Paolo Cervera

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With the aim of maximising return on innovation investments, organisations create central units to support successful implementation of innovation management initiatives. The support units–referred to in this research as innovation management offices (IMOs)–range from small teams of innovation management champions to fully resourced centres of excellence for innovation management. However, roles and responsibilities of IMOs vary in different organisations. This research investigates the different types of IMO in organisations, based on their different roles and responsibilities in supporting innovation management processes. The research uses grounded theory methodology to uncover an IMO taxonomy from emergent concepts during innovation management maturity assessment exercises in twelve organisations from the United Kingdom and the United Arab Emirates. The taxonomy distinguishes five types of IMO, based on their roles and responsibilities in supporting innovation management processes, from organisational strategic foresight to managing innovation management project portfolios. The IMO taxonomy addresses a gap in research into innovation management support in organisations and offers a practical framework that diverse organisations can appreciate and use in designing IMOs that are aligned with their innovation management visions and strategies.

Keywords: future foresight, future shaping, innovation management, innovation management office, portfolio management

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Authors: Rafiat Bolanle Fasasi-Hammed

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Cassava is an important food crop in rural households of Nigeria. It has a high potential for product diversification, because it can be processed into various products forms for human consumption and can be made into chips for farm animals, and also starch and starch derivatives. However, cassava roots are highly perishable and contain potentially toxic cyanogenic glycosides which necessitate its processing. Therefore, this study was carried out to assess information needs of cassava processors on food safety practices in Oyo State, Nigeria. Simple random sampling technique was used in the selection of 110 respondents for this study. Descriptive statistics and chi-square were used to analyze the data collected. Results of this study showed that the mean age of the respondents was 39.4 years, majority (78.7%) of the respondents was married, 51.9% had secondary education; 45.8% of the respondents have spent more than 12 years in cassava processing. The mean income realized was ₦26,347.50/month from cassava processing. Information on cassava processing got to the respondents through friends, family and relations (73.6%) and fellow cassava processors (58.6%). Serious constraints identified were ineffective extension agents (93.9%), food safety regulatory agencies (88.1%) and inadequate processing and storage facilities (67.8%). Chi-square results showed that significant relationship existed between socio-economic characteristics of the respondents (χ2 = 29.80, df = 2,), knowledge level (χ2 = 9.26, df = 4), constraints (χ2 = 13.11, df = 2) and information needs at p < 0.05 level of significance. The study recommends that there should be regular training on improved cassava processing methods for the cassava processors in the study area.

Keywords: information, needs, cassava, Oyo State, processing

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Authors: Sevde D. Karayel, Ediz Atmaca

Abstract:

Supplier selection subject is vital because of development competitiveness and performance of firms which have right, rapid and with low cost procurement. Considering the fact that competition between firms is no longer on their supply chains, hence it is very clear that performance of the firms’ not only depend on their own success but also success of all departments in supply chain. For this purpose, firms want to work with suppliers which are cost effective, flexible in terms of demand and high quality level for customer satisfaction. However, diversification and redundancy of their expectations from suppliers, supplier selection problems need to be solved as a hard problem. In this study, supplier selection problem is discussed for critical piece, which is using almost all production of products in and has troubles with lead time from supplier, in a firm that produces medical devices. Analyzing policy in the current situation of the firm in the supplier selection indicates that supplier selection is made based on the purchasing department experience and other authorized persons’ general judgments. Because selection do not make based on the analytical methods, it is caused disruptions in production, lateness and extra cost. To solve the problem, AHP and TOPSIS which are multi-criteria decision making techniques, which are effective, easy to implement and can analyze many criteria simultaneously, are used to make a selection among alternative suppliers.

Keywords: AHP-TOPSIS methods, multi-criteria decision making, supplier selection problem, supply chain management

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Authors: Kisik Song, Sungjoo Lee

Abstract:

Recent years have seen an increasing number of patent disputes due to excessive competition in the global market and a reduced technology life-cycle; this has increased the risk of investment in technology development. While many global companies have started developing a methodology to identify promising technologies and assess for decisions, the existing methodology still has some limitations. Post hoc assessments of the new technology are not being performed, especially to determine whether the suggested technologies turned out to be promising. For example, in existing quantitative patent analysis, a patent’s citation information has served as an important metric for quality assessment, but this analysis cannot be applied to recently registered patents because such information accumulates over time. Therefore, we propose a new technology assessment model that can replace citation information and positively affect technological development based on post hoc analysis of the patents for promising technologies. Additionally, we collect customer reviews on a target technology to extract keywords that show the customers’ needs, and we determine how many keywords are covered in the new technology. Finally, we construct a portfolio (based on a technology assessment from patent information) and a customer-based marketability assessment (based on review data), and we use them to visualize the characteristics of the new technologies.

Keywords: technology assessment, patents, citation information, opinion mining

Procedia PDF Downloads 466